Tourism and hospitality service providers have been seeking ways to engage customers into the value creation process to deliver personalized customer experience. Rapid development of information communication technology has facilitated such practice by providing various computer-based or mobile platforms. While online platforms such as social network sites and online communities have received most research attention, mobile instant messaging (IM) remains under-researched in spite of its unique potential for firm-customer interaction and communication. Based on service-dominant logic (Vargo & Lusch, 2004) and computer-mediated communication theories (Walther, 1996), this study examines (1) the factors influencing customers’ perceived co-creation experience facilitated by mobile IM, and (2) customers’ perceived value of personalization results from such experience in the tourism and hospitality context. Data was collected via online survey targeting Chinese users and was analyzed using structural equation modelling. The results found significant positive effects of users’ perceived social presence, perceived media richness and prior experiences on their co-creation experience. The significant positive relationships between customers’ co-creation experience and perceived personalization of the service offering validate the unique potential of mobile IM to engage customers into value co-creation with tourism and hospitality service providers. The findings extend the theoretical framework of value cocreation to a context mediated by mobile IM. Managerial suggestions are provided for tourism and hospitality companies to engage with customers using mobile IM.

Introduction The retail environment, which is offering special experience to consumers based on customized consumer lifestyle, creates customer value from voluntary customer engagement. In recent study, it is shown that customer engagement is becoming an important factor which determines the characteristics of customer behavior in the retail and hospitality industries. However, the study of customer engagement has mainly focused on its performance in marketing field ( Hapsari, Clemes, and Dean, 2017; Kumar and Pansari, 2016) and most researches have handled the concept of customer engagement from the perspective of online environment(Shin and Byun, 2016; Jeon, 2016). Theoretical Development This study aims to investigate the psychological motivation for customer engagement and to examine the underlying factors of customer behavior in offline retail environment based on experience economy theory and Self-Determination Theory(SDT). First, this study investigates the relationship between perceived psychological benefits (autonomy, competence, and relatedness) and intrinsic motivation. Also, this study tried to analyze the relationship between intrinsic motivation and customer engagement (conscious participation, enthusiasm, and social interaction). Second, we tried to examine the relationship between customer engagement and customer creation value (functional value, hedonic value, and social value). Thirdly, we suggested the effect of customer creation value on customer purchasing behavior (shopping memories, customer satisfaction, word-of-mouth, and revisit intention). In addition, we attempted to find the mediating effect of the hedonic value between customer engagement and shopping memories; customer engagement and customer satisfaction. Futhermore, we investigated the mediating effect of shopping experience between hedonic value and customer satisfaction. Finally, We discussed the managerial implication for differentiated competitive advantage in the experience-based retail environment. Research Design and Model Testing To test the research hypotheses and our research model, we conducted questionnaire survey from the respondents who have ever been to the major experience-based shopping malls within 6 months. Through the confirmatory factor analysis, reliability and validity of the study constructs were verified. By using the structural equation model, research hypotheses were tested and most research hypotheses were statistically significant and accepted. The final research model also showed the statistical significance with the goodness-of-fit indices. Result and Conclusion As shown in the results of this study, the experience-based retail environment leads to higher customer engagement and increase the customer’s hedonic value and reinforce positive shopping memories. Specifically, the experience-based retail environment is offering psychological benefits and customers enjoy experience itself. During the shopping experience, the customers are motivated for customer engagement. The managerial implications of the study results for the corporate managers in the retail and/or hospitality industries were also discussed.

With the advent of globalization and the accompanying rapid changes in economic environments, firms have gradually transformed their mode of operations from one based on the traditional good-dominant logic to one based on service-dominant logic. The emergence of service-dominant logic has resulted in the development of value co-creation, which refers to the process through which firms, suppliers, and customers all become involved in the discovery and creation of product value and create added value through even and reasonable distribution. Drawing upon the SDT theory, the current study has the following three research objectives. First, the current study investigated the influence of transformational leadership on employee-based value co-creation and the impact of transformational leadership on employees’ intrinsic motivation to further enhance their value co-creation. Second, this study sought to understand the mediating mechanisms between transformational leadership and employee-based value co-creation; financial and non-financial variables were used as the mediators to explore whether the financial incentive affects employees’ intrinsic motivational process with regard to the transformational leadership that leads to employees’ intrinsic motivation. Third, positive psychological capital was used as a mediator to examine whether it mediates the relationship between the financial perspective and value co-creation. Fourth, self-concordance was also adopted to examine whether self-concordance mediates the relationship between the financial perspective and value co-creation. We collected 513 survey responses from 81 teams in firms from diverse industries in Taiwan. The present study makes the following contributions. First, previous research related to leadership behavior primarily focused on the influences of leadership behaviors on employee attitudes and behaviors. Only a few studies addressed the impact of leadership on value co-creation. Drawing on the self-determination theory to build our research framework, our study contributes to the field by investigating how transformational leadership stimulates employee-based value co-creation. Second, the present study investigated the psychological mechanisms involved in the motivational process in the context of the ways in which transformational leadership facilitates changes in employee behavior, particularly for employees’ intrinsic motivation. Third, the present study proved that financial and non-financial incentives respectively mediated the relationship between transformational leadership and positive psychological capital. Additionally, both financial and non-financial incentives mediated the relationship between transformational leadership and self-concordance. These results suggest that both financial and non-financial incentives could be effective ways for transformational leaders to intrinsically motivate their employees. These findings are valuable contributions to the leadership studies field. Fourth, the present study adopted hierarchical linear modeling (HLM) to conduct a multi-level analysis of the relationship between transformational leadership and value co-creation.

Mobile shopping motivations affects the interaction between mobile shoppers and mobile retailers. This study examines how mobile shopping motivations affect value co-creation, customer equity drivers, and customer lifetime value through a structural equation model. Mobile shopping motivations as mobile shoppers’ needs are time saving, right purchase and money saving. To meet mobile shoppers’ needs, mobile shoppers, mobile retailers, and other customers are willing to collaborate. Value co-creation that Yi and Gong (2013) scaled includes customer participation behaviour such as information seeking, information sharing, responsible behaviour, and personal interaction, and customer citizenship behaviour such as feedback, helping, advocacy, and tolerance. The results indicate that mobile shopping motivations are significant determinants of value co-creation behaviours, implying that mobile shopping motivations are driving factors of value co-creation. Customer participation behaviour has significant effects on value equity and brand equity while customer citizenship behaviour shows positive effects on brand equity and relationship. As for customer lifetime value, relationship equity has significant positive effect, while value and brand equity had no significant influence. This study also shows that mobile shopping motivations affect both value equity and relationship equity of mobile shopping apps by improving information sharing, responsible behaviour, and personal interaction, feedback, helping, and advocacy. Value equity and relationship equity also have significant effects on customer lifetime value. The authors discuss the theoretical and managerial implications for their findings.

With the rapid development of network economy and information technology, customers through the internet platform to participate in product development and innovation, dominant the spread of value proposition engagement spread, etc., has become an important part of the creation of customer assets, as well as a profound change in brand management. This paper constructs a model of how the brand experience affects customer assets in the virtual branding community under the perspective of value co-creation, analysis the impact of value co-creation of customer participation (sponsored value co-creation and autonomous value co-creation), the motivation of value co-creation on brand experience, and then on customer assets. This paper also explores the regulatory effect of value proposition engagement in brand experience and customer asset. This study will use the involvement theory and the theory of stimulus-response for empirical research, and through the questionnaire survey of consumers, using SPSS20.0 and AMOS20.0 statistical software on the relevance of relevant variables to grasp, and carries on the analysis using structural equation model. The research of this paper will enrich the exposition and explanation of building a brand experience better through value co-creation in virtual brand community, and provide theoretical support and practical advice for the implementation and management of customer assets.

The service setting is more than ever dynamic. Customers’ engagement is changing due to the multiple interactions at different levels of the consumption experience journey. The customer as an active and engaged value co-creator raises new challenges to theory and practice. However, the connection between engagement and co-creation is scarce in the literature. The experience of the active hotel customer occurs through customer engagement with internal actors and factors from prepurchase through to post-purchase. Since value co-creation results from the engagement of multiple factors and actors (f/actors) in the process, it is essential to understand the actors’ activities that promote or obstruct this process. This paper proposes a connection between customer engagement (CE) and value co-creation framework to ascertain and depict the internal actors’ activities and factors that foster or hinder customers’ experience in the hotel industry. The researchers used qualitative methods (35 in-depth interviews, document analysis and 4 observation sessions) in seven regions in Ghana to explore the customer’s perspective. Data was analysed with Nvivo11, within a thematic analysis framework. Findings suggest that customer’s engagement within the hotel environment with multiple actors has an influence on customer value co-creation/destruction process. It found that positive and negative engagement fosters/hinders guests’ interactions which lead to value cocreation/ destruction. The research also discovered that negative interactions occasioned by any factor/actor triggers value destruction at multiple stages of the experience journey. The study suggests theoretical and managerial implications focused on the actors’ practices that foster or hinder customer engagement and value co-creation.

Companies must capture value for sustainable growth. Capturing value is a critical task for companies, particularly when operating own businesses and organizations or starting new business. The business strategy of many companies focuses on capturing the maximum value from customers and other stakeholders. Even though a wide range of studies on value creation and appropriation has been conducted in the strategic management field, most of studies are still conceptual and theoretical. Thus more empirical studies are required to suggest future-oriented value strategy. This study reveals the value creation and appropriation elements in the aviation industry of Korea. The purpose of this study is to understand the trend of value creation and appropriation in the industry. In addition, the relationship between the elements and firm’s performance are tested. The firm’s performance is defined by that past and future point of views. The sample were collected from Korean Air and Asiana Air. The empirical test shows that the elements of value creation-appropriation have significant impact on firm’s performance. Further, the element of value appropriation to customer has a positive impact both on firm’s past and future performance. Our results show that investors acknowledge a value-based strategy as a sign of stock valuation. The results of this test correspond with the earlier one, showing that maximizing customers value rather than shareholder value does deliver impressive returns. The finding suggest that companies need to change their strategy to efficiently manage performance. With the test results, we propose a value-based strategy to maximize firm’s future financial and stock performance.

기업이 지속적으로 성장하기 위해서는 반드시 가치를 확보해야 한다. 많은 기업들의 전략은 고객으로부터 가치를 최대한 확보하고 전유하는 것에 초점이 맞춰져 있다. 이에 따라 가치에 대한 연구는 학계와 산업계에서 활발하게 진행되고 있으나 대부분의 경우 지나치게 개념적이거나 이론적인 경우가 많아 실증적인 연구로 이어지는 것에는 한계가 있다. 본 연구에서는 VCA(value creation and appropriation)model을 이용해 국내외 항공 산업에서 발생하는 가치창조와 전유 동향을 분석하였다. VCA모델을 통해 가치를 창조하기 위해 투입된 자본과 노동력을 바탕으로 기업이 실제로 창출한 가치의 양을 계산할 수 있으며 또한 창조된 가치가 기업의 이해관계 자(임직원, 고객, 공급업체 자본투자자 등)들에게 어떻게 배분(distribution)되는지 파악할 수 있다. 한국, 일본, 중국 및 동남아시아 국가의 주요 항공사의 재무제표 등 접근 가능한 데이터를 활용해 분석을 수행했으며 2000년부터 2015년까지의 총 15개년의 데이터를 수집했다. 분석 결과 각 국가, 기업 규모, 연도별로 가치의 창조와 전유에는 일정한 패턴과 유형이 존재하는 것으로 밝혀졌다. 최종적으로는 가치창조와 전유의 유형별로 주요 이슈를 도출하고 이에 대응하기 위한 시사점을 제시하였다.

This study aims to examine how the mobile social network service experience affects value co-creation and customer lifetime value. The mobile social network service experience includes mobile convenience, social compatibility, social risk, and cognitive effort. The research hypotheses with structural equation modeling are tested. In mobile SNS context, value co-creation behaviors essentially determine customer lifetime value of mobile shopping apps. Value co-creation behaviors have received little attention in mobile shopping. The mobile SNS experience strongly influences value co-creation behaviors. This study is based on a sample of mobile SNS users nationwide in Korea. Therefore, the generalizability of the findings has to be tested. Furthermore, the study examines customer lifetime value, which is good sales predictor of mobile shopping apps. Moreover, the research model included the positive and negative determinants on mobile SNS experience. Future researches examine other use intentions of mobile SNS. Value co-creation behaviors substantially affect customer lifetime value. Mobile shopping apps should increase customer lifetime value from mobile SNS experience and value co-creation. This study shows how individual mobile SNS user provides mobile shopping apps with profit through value co-creation. This study is the first to examine how mobile SNS users enhance value co-creation and how value cocreation behaviors affect customer lifetime value of mobile SNS users.

ABSTRACT The growth of the social platform has led to a rapid increase in sustainable value cocreation activities with customers in order to know what a customer wants. In this study, we have studied about co-creation experience in social platform service. Previous prior studies have systematically classify co-creation between customer and enterprise as co-product and value-in-use, Conceptual factors. The co-creation and value-in-use factors theoretically derived from previous researches attempt to investigate the relationship between value co-creation experience and online service quality. We also tried to investigate the relationship between value co-creation experience and online service quality, customer equity, and online word of mouth. To do this, social platform services are divided into open sns and closed sns. Open SNS was targeted to Facebook, Twitter, and Pintrest users. Closed sns were targeted to Instagram, Cyworld, Band, and KakaoTalk users. In this study, it was confirmed that the relationship between online service quality, customer equity, and online word of mouth is significant through value co - creation experience. In the future, companies that design social platforms will be asked to do what they should do to co-create with customers, and provide suggestions for how to operate the platform in order to continuously activate value co-creative experiences.

Luxury market is changing with new competitors to the market, more modest growth, and new types of customers (Kim and Ko 2012). To stay relevant, luxury houses need to develop experience-based marketing strategies that emphasise interactivity, connectivity and creativity (Atwal and Williams 2009). Subsequently, with the rise of digital marketing of luxury (Okonkwo 2009), consumers have been granted a more active role in the value co-creation of luxury brands. Indeed, adopting more inclusive and consumer-oriented marketing strategies has proven successful to iconic luxury brands such as Burberry (Phan, Thomas & Heine 2011), and Hermes (Robins 2016). Previously, value co-creation has been studied from consumer perspective following resource-based view (Arnould, Price and Malshe 2006) and practice theory (Schau, Muniz, and Arnould 2009). However, in the field of luxury marketing, research on co-creation has been limited to one case study of value co-creation processes (Tynan, McKechnie & Chhuon 2010). In addition, no previous research exists on the role of space and spectacular environment in value co-creation in luxury. This article extends these streams of researchby analysing 42 narratives (Polkinghorne 1995) from consumers that have attended two branded exhibitions of Louis Vuitton: SERIES3 held in London in the fall 2015 and Volez, Voguez, Voyagez in Paris in Spring 2016. In essence, luxury is about seduction; recreating a dream and providing meaningful, personal experiences for its consumers (Kapferer and Bastien 2009). Here, a branded exhibition provides a way to invite consumers to feel, see, and experience the brand in its full splendour. These encounters, in turn, transform the value-creation logic between the brand and the consumer from a one-way affair to a co-creational relation. This article demonstrates how exhibition context allows the consumer to participate in the value co-creation for Louis Vuitton, a prestigious luxury brand. Here, the brand provides a context and props for the consumer’s processes of value co-creation. This, in turn, then results into four types of value; utilitarian, experiential, relational, and symbolic. The contribution of this study is three-fold. First, this study extends the literature on value co-creation (Arnould et al. 2006) by demonstrating the role of space in the process of value co-creation. Second, our results extend previous research on luxury (Tynan et al. 2010) by illustrating the value co-creation from consumer perspective. From managerial perspective, the results show how brand exhibitions may act as platforms for content creation and enable rich self-expression with the brand.

The advanced information technology leads to network age, making existing competitive advantages such as differentiation and cost leadership powerless in B2B context. The competitiveness of individual firm plays a significant role in enhancing the competitive advantage of a business network that a firm belongs to. The competitiveness of a business network depends on value co-creation, the interaction among firms in a network. Value co-creation has desirable and risky aspects. The increases in profits, brand reputation, and time and cost efficiency, client and supplier learning, etc. are positive aspects. But role conflicts, role ambiguity, and tension, etc. are negative outcomes. How can the industrial firm succeed in value co-creation with its partners in B2B context? The study focuses on the firm’s strategic marketing orientations as an antecedent of value co-creation. Strategic marketing orientations as the values and beliefs of the firm affect the collaboration with other firms during value co-creation. Previous literature assumes that a firm pursues one single strategic orientation. However, the study assumes that an industrial firm has entrepreneurial orientation, market orientation, long-term orientation, and relationship orientation. The study mostly focused on the relationships among those strategic marketing orientations. Based on these inter-relationships, the study proposed a set of value co-creation activity criteria such as information seeking, information sharing, personal interaction, responsible behavior, feedback, helping, advocacy, tolerance. Value co-creation has been evaluated by relationship performance such as trust and commitment. The study examined the relationships between strategic marketing orientations and value co-creation. Data was collected from 159 Korean manufacturers in B2B context and analyzed through structural equation modeling. The study provides evidence that entrepreneurial orientation affects market orientation positively and market orientation has positive effects on long-term orientation and relationship orientation, and long-term orientation and relationship orientation influence value co-creation directly. Value co-creation has a positive effect on relationship performance. The results of the study provide valuable implications to the mangers of industrial firms in B2B context. To succeed the value co-creation, the firm first has to look at the difference between strategic marketing orientations that the value co-creation partners pursue. In terms of selecting value co-creation partner, industrial firm with long-term orientation and relationship orientation will be more effective. Six activities of interactions during value co-creation play an important role in enhancing trust and commitment. The study contributes to the value co-creation literature by identifying strategic marketing orientations as independent variable influencing the value co-creation in B2B context. The study has several limitations that call for future research.

This study (i) examines the main effect of how a customer’s trust in the service personnel could affect his/her service co-designing and co-delivering behavior; and (ii) investigates how the main effect could vary by the customer’s trust in the service brand, and the types of customer contact service contexts. Keywords: customer participation, co-

The advent of smart shopping environments including innovative information technology, advanced delivery systems, and extended smart phone use has rapidly changed the shopping methods and activities of the consumers. They have chosen smart shopping with greater frequency, which minimizes the use of time, money, effort and energy to buy the right products and to gain shopping experiences such as hedonic and utilitarian feelings (Atkins and Kim, 2012). The concept of smart shopping is based on value co-creation which can be explained as the value from the outcome of interaction between firms and consumers (Grönroos, 2011, Vargo and Lusch, 2004). In the value co-creation process, smart shoppers are willing to perform customer participation behaviors such as information seeking, information sharing, responsible behavior, and personal interaction, and to show customer citizenship behaviors such as feedback, advocacy, helping, and tolerance (Yi and Gong 2013). In smart shopping, a consumer involves in shopping experiences through product purchases and while engaged via the shopping environments such as an elaborate store design, educational events, recreation, and entertainment (Fiore and Kim, 2007). These shopping experiences, which contain both hedonic and utilitarian value (Holbrook and Hirschman, 1982), are better explained by consumer processes, responses on the shopping environment, situation, and consumer characteristics (Fiore and Kim, 2007). The attributes of shopping experience are symbolic, hedonic, and aesthetic (Holbrook and Hirschman, 1982) and utilitarian and hedonic (Kim, Lee and Park, 2014). Smart shoppers who are involved with value co-creation obtain hedonic benefits with emotional, funny, and enjoyable feelings and along with utilitarian benefits such as rational, functional, task-related experiences (Holbrook and Hirschman, 1982). The value co-creation and the shopping experience lead to greater customer equity such as value equity, brand equity, and relationship equity (Lemon, Rust, and Zeithamal 2001). Based on previous literature review, the authors constructed the following hypotheses. First, smart shopping will have positive effects on value co-creation, the shopping experience, and customer equity. Second, the smart shopping will have positive effects on both value co-creation and the shopping experience. Third, value cocreation will have positive effects on the shopping experience. Fourth, value cocreation and the shopping experience will have positive effects on customer equity. The authors collected the data based on questionnaires from mobile smart shoppers. The SPSS 20 and AMOS 20 statistical programs will be used for the data analysis. The analysis found the positive influence that smart shopping has on value co-creation and the shopping experience, and customer equity. This is the first study that shows these relationships from an empirical point-of-view. The findings of the study have useful managerial implications on the effects of value co-creation on both smart shoppers and firms. Value co-creation will provide smart shoppers with better product or service quality and enhance firms with more valuable customer equity. The greater shopping experience is the greater customer equity that will be developed. Value co-creation also will give firms a strong competitive advantage in terms of an organization’s learning, brand perception, reduced risk, improvement of customer relationships, and lowering cost for marketing, and research and development. The study has limitations. First, other potential variables of the value co-creation influencing new service development, customer loyalty, and customer satisfaction etc, could be considered. Second, the length of the relationship between smart shoppers and the service provider in value co-creation process should be considered. Third, the study needs to be generalized to cross sectional research beyond smart shopping area. Finally, to examine the effects of value co-creation and the shopping experience on customer equity, future research could investigate how value co-creation and the shopping experience affect the objective financial performance of a firm.

Business model of direct selling is the dynamic and complex multi-level structure. Interpersonal face-to-face communication is the key value creation aspect of direct selling business model. Nowadays more and more sellers employ virtual communication channels instead of face-to-face, thus hindering a traditional relational element. The study explores whether usage of Internet technologies for communication with customers brings benefits or extinguish the direct selling industry. The research is based on the quantitative analysis of all-country paper based survey from 5694 respondents. The statistical analysis of total sample revealed that usage of Internet in general does not give advantages for distributors. However, usage of person-to-person internet communication tool, such as e-mail, allows achieving better performance as measured by earnings per hour worked. Surprising is the fact that the most successful young distributors (at the age under 35 years) do not use internet for communication with customers at all. For distributors over 35 years old neither internet nor e-mail usages have got impact on performance. In rural areas users of internet communication tools show lower performance results. In big cities usage of e-mail provides significantly higher performance, but general usage of internet does not. Consequently, the effects from usage of internet technologies for communication with customers are achieved in case of person-to-person communication. Moreover the most productive sellers give priority to the live communication.

43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performanceand relationship performance. 2. Conceptual framework 2.1 Entrepreneurial Value Orientation Entrepreneurial Orientation Entrepreneurial-oriented firms with risk-taking, proactivness, and innovativeness focus on finding new market opportunities and reshaping current operating areas (Hult and Ketchen 2001). Entrepreneurial orientation provides firms with first-mover advantages and has a positive effect on performance. Entrepreneurs create value through innovation with exploiting new opportunity and creating new product-market areas. Market Orientation Market-oriented firms create superior value through the understanding of customers’ needs and the capabilities to fulfill those identified needs (Jaworski & Kohli, 1993). The value creation of market-oriented firms is based on strong commitment to developing product innovation capabilities (Atuahen-Gima, 1996). Market orientation provides firms with market-linking capabilities that help create and deliver value to customers (O’Cass and Ngo, 2012). Relationship Orientation Interaction orientation An interaction orientation is regarded as a sustainable competitive advantage and a value rare and as a value creation driver. Interaction oriented firms with specific and actionable nature are characterized by analyzing individual customer, not a market, performing marketing activities with customers, not for customers, by emphasizing the importance of the relationship to firms (Ramini and Kumar, 2008). The relational performance of interaction orientation is measured by customer satisfaction, customer ownership, and positive word of mouth (Ramini and Kumar, 2008). Long-term orientation Long-term orientation also creates a sustainable competitive advantage through information on best-selling product, best allowable price, cooperative advertizing, etc (Ganesan 1994). Firms with short-term orientation focus on market exchange for profit in a transaction, but firms with long-term orientation focus on relational exchange for profit from joint synergies over a series of transactions, not the length of the relationships (Ganesan 1994). Relational elements like long-term orientation increases mutual commitment to enhance mutual profitability in buyer-seller relationships (Noordewier et al 1990). 2.2 Value co-creation The customers co-create value based on their roles as participants or co-creators in various value-creating processes (Vargo and Lusch 2008a). Joint value is created among customer, suppliers, competitors, and other stakeholders involved in the relationship (Gummesson 1999). The various approaches to value co-creation have discussed. A unified value co-creation concept is explained by three types of processes such as customer value-creating processes, supplier value-creating process, and encounter processes (Payne et al., 2008). Value co-creation behaviors consist of customer participation behavior and customer citizenship behavior. Customer participation behavior that they conceptualizedand relationship performance. 2. Conceptual framework 2.1 Entrepreneurial Value Orientation Entrepreneurial Orientation Entrepreneurial-oriented firms with risk-taking, proactivness, and innovativeness focus on finding new market opportunities and reshaping current operating areas (Hult and Ketchen 2001). Entrepreneurial orientation provides firms with first-mover advantages and has a positive effect on performance. Entrepreneurs create value through innovation with exploiting new opportunity and creating new product-market areas. Market Orientation Market-oriented firms create superior value through the understanding of customers’ needs and the capabilities to fulfill those identified needs (Jaworski & Kohli, 1993). The value creation of market-oriented firms is based on strong commitment to developing product innovation capabilities (Atuahen-Gima, 1996). Market orientation provides firms with market-linking capabilities that help create and deliver value to customers (O’Cass and Ngo, 2012). Relationship Orientation Interaction orientation An interaction orientation is regarded as a sustainable competitive advantage and a value rare and as a value creation driver. Interaction oriented firms with specific and actionable nature are characterized by analyzing individual customer, not a market, performing marketing activities with customers, not for customers, by emphasizing the importance of the relationship to firms (Ramini and Kumar, 2008). The relational performance of interaction orientation is measured by customer satisfaction, customer ownership, and positive word of mouth (Ramini and Kumar, 2008). Long-term orientation Long-term orientation also creates a sustainable competitive advantage through information on best-selling product, best allowable price, cooperative advertizing, etc (Ganesan 1994). Firms with short-term orientation focus on market exchange for profit in a transaction, but firms with long-term orientation focus on relational exchange for profit from joint synergies over a series of transactions, not the length of the relationships (Ganesan 1994). Relational elements like long-term orientation increases mutual commitment to enhance mutual profitability in buyer-seller relationships (Noordewier et al 1990). 2.2 Value co-creation The customers co-create value based on their roles as participants or co-creators in various value-creating processes (Vargo and Lusch 2008a). Joint value is created among customer, suppliers, competitors, and other stakeholders involved in the relationship (Gummesson 1999). The various approaches to value co-creation have discussed. A unified value co-creation concept is explained by three types of processes such as customer value-creating processes, supplier value-creating process, and encounter processes (Payne et al., 2008). Value co-creation behaviors consist of customer participation behavior and customer citizenship behavior. Customer participation behavior that they conceptualizedcomprises four dimensions including information seeking, information sharing, responsible behavior, and personal interaction. Customer citizenship behaviors include feedback, advocacy, helping, and tolerance (Yi, and Gong 2013). 2.3 Relationship performance Ulaga(2003) proposed to identify the linkage between relationship value and relationship variables including commitment, trust, satisfaction, and loyalty. The authors consider trust, commitment, and loyalty as measurement items of relationship performance. Trust is measured as a dependent variable in channel relationships. Commitment is a good indicator of long-term relationships (Morgan and Hunt, 1994) and has been used as the dependent variable in several relationship marketing models including buyer-seller relationship (kumar et al., 1995). Consumer loyalty is related to a motivation to maintain a relationship with a firm, including more resources, positive word of mouth (WOM), and repeat purchasing (Zeithaml, Berry, and Parasuraman 1996). Value drives loyalty and trust affects loyalty through its influence in creating value (Sirdeshmukh, Singh and Sabol 2002) 3. Plan for Data Collection and analysis The instrument used to test the hypotheses a mail survey. A draft questionnaire based on existing measurement scales for the research model will be drafted. This draft questionnaire will be pretested with academics and practitioners to check its content validity and terminology and modified accordingly. The modified questionnaire will be pilot tested to check its suitability and appropriateness for the target population before mailing. The sample population for this study will be business-to-business manufacturing firms in South Korea. The authors will undertake both confirmatory factor analysis and structural equation modeling to test our hypotheses using the SPSS 20 and AMOS 20. 4. Expected outcomes and contribution 4.1 Expected outcomes The analysis will identify whether or not the positive influence of entrepreneurial value orientation has on value co-creation including customer participation behavior and customer citizenship behavior. The relationship between the value co-creation and relationship performances will be identified. The more actively customers engage in the value co-creation process, the greater trust, commitment, and loyalty could be positively influenced. Value co-creation plays an important role in increasing relationship performance and could be regarded as a source of sustainable competitive advantage. 4.2 Contribution This study will be the first effort to identify between the relationship between value co-creation and relationship performance. This research will be the first empirical study to apply the concept of value co-creation to business-to-business firms. In terms of marketing academics, this study will contribute to broaden marketing research areas. Managers of business-to-business firms from the results of this study will recognize valuable information on how the extent of an individual’s orientations such as entrepreneurial orientation, market orientation, and relationship orientation affects value co-creation.comprises four dimensions including information seeking, information sharing, responsible behavior, and personal interaction. Customer citizenship behaviors include feedback, advocacy, helping, and tolerance (Yi, and Gong 2013). 2.3 Relationship performance Ulaga(2003) proposed to identify the linkage between relationship value and relationship variables including commitment, trust, satisfaction, and loyalty. The authors consider trust, commitment, and loyalty as measurement items of relationship performance. Trust is measured as a dependent variable in channel relationships. Commitment is a good indicator of long-term relationships (Morgan and Hunt, 1994) and has been used as the dependent variable in several relationship marketing models including buyer-seller relationship (kumar et al., 1995). Consumer loyalty is related to a motivation to maintain a relationship with a firm, including more resources, positive word of mouth (WOM), and repeat purchasing (Zeithaml, Berry, and Parasuraman 1996). Value drives loyalty and trust affects loyalty through its influence in creating value (Sirdeshmukh, Singh and Sabol 2002) 3. Plan for Data Collection and analysis The instrument used to test the hypotheses a mail survey. A draft questionnaire based on existing measurement scales for the research model will be drafted. This draft questionnaire will be pretested with academics and practitioners to check its content validity and terminology and modified accordingly. The modified questionnaire will be pilot tested to check its suitability and appropriateness for the target population before mailing. The sample population for this study will be business-to-business manufacturing firms in South Korea. The authors will undertake both confirmatory factor analysis and structural equation modeling to test our hypotheses using the SPSS 20 and AMOS 20. 4. Expected outcomes and contribution 4.1 Expected outcomes The analysis will identify whether or not the positive influence of entrepreneurial value orientation has on value co-creation including customer participation behavior and customer citizenship behavior. The relationship between the value co-creation and relationship performances will be identified. The more actively customers engage in the value co-creation process, the greater trust, commitment, and loyalty could be positively influenced. Value co-creation plays an important role in increasing relationship performance and could be regarded as a source of sustainable competitive advantage. 4.2 Contribution This study will be the first effort to identify between the relationship between value co-creation and relationship performance. This research will be the first empirical study to apply the concept of value co-creation to business-to-business firms. In terms of marketing academics, this study will contribute to broaden marketing research areas. Managers of business-to-business firms from the results of this study will recognize valuable information on how the extent of an individual’s orientations such as entrepreneurial orientation, market orientation, and relationship orientation affects value co-creation.43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance

사회적기업에 있어서 가장 중요한 점은 지속가능성의 문제이다. 자속가능성을 유지하기 위해서는 사회 적기업이 주력하고 있는 사업영역에서 경쟁력을 갖추어야 한다. 그러나 사회적기업의 특성상 사회적기업 의 경쟁력을 갖추기란 쉬운 일은 아니다. 국내의 성공적인 사회적기업들에서 창출하는 일자리와 사회적 취약계층에 대한 사회서비스의 증가는 사회적 변화를 가져오고 있다. 고용창출과 사회서비스를 확대하기 위한 방법 중의 하나가 사회적 프랜차이징이다. 이미 선진국에서 사회적기업이 사회적 프랜차이징을 통하여 취약계층의 고용과 사회서비스의 확산이 가시적인 효과를 보이고 있는 실정이지만, 개발도상국을 대상으로 사회적 프랜차이징을 통해 이 루어지는 사회서비스에 대한 사용자 만족도에 관해 이루어진 소수 실증적 연구를 제외하고는 사회적 프 랜차이징을 통하여 객관적으로 보여줄 수 있는 사회적 가치창출에 대한 효과를 분석한 연구는 거의 찾아 보기 힘든 실정이다. 한국 사회에서 사회적 프랜차이징을 통하여 보다 양적이고 질적인 고용창출과 보다 많은 취약계층에 대한 사회서비스의 확대를 뒷받침할 수 있는 실무적이고 정책적인 관점에서 시사점을 줄 수 있는 사회적 프랜차이징의 사회적 가치창출의 효과에 대한 논리적인 체계화를 시도하고자 하는데 본 연구의 목적을 두었다.

Increasing attention has been paid to marketing and consumer behavior of luxury industry but research into value creation network and operational mechanisms is very limited. This study focuses on two aspects of the luxury industry: luxury brand and value chain, to inform a comprehensive understanding of the value creation process for high value added brands. In luxury industry, the key elements that create and deliver value are brand, design and research, production, distribution, and retail. A clear brand identity is found as the first step of this value chain, which influences the choices of all other activities. Luxury goods companies will align all the activities in line with brand identity to deliver consistent tangible and intangible values to end users. Furthermore, a luxury value chain is a holistic network with strong coordination among its elements. A combined approach of case study and secondary data collection is pursued. A sample of 9 luxury companies within 6 selected industries is investigated. Data is qualitatively collected via semi-structured interviews, document analysis, and observations as a triangulation approach for the purpose of ensuring the reliability of the research data. Multiple interviews of the general manager, industrial manager, brand/communication manager, creative director, and store manager are conducted in each company to achieve a broader perspective and also make data triangulation procedures possible. This research contributes to the luxury brands management as well as value chain concept. It discusses the value creation network and operational mechanism from a less explored corporate perspective. It unveils a secretive existence of brand in value generation process and further establishes a model to amplify the relationship between each activity in the value chain. Also, it expands the research of value chain into luxury industry. It argues that a supply leading value chain can also command a premium rather than the customer-centric value chain discussed by most researchers recently. It also provides valuable insights for companies who want to have a high-end market position. It shows that the widely adopted luxury strategy invented mainly by French and Italian companies employs fundamentally different rules from those of fast-moving consumer goods in mass market. In short, a luxury strategy is different in nature, not in level.

Dongdaemun Fashion Town, a representative clothing wholesale and retail market in South Korea, is a traditional market that was formed in the 19th century in the late Chosun Dynasty. Since then, the market system has strengthened and, as of now, Dongdaemun Fashion Town can produce various products in batch production and is characterized by a quick market response (Jung, Choo, & Chung, 2007). Furthermore, all fashion-related functions are available, making Dongdaemun Fashion Town an industrial cluster where all related businesses and services are locally concentrated (Ko, Choo, Lee, Song, & Whang, 2013). These characteristics of Dongdaemun Fashion Town relieve market trade cost and build a unique production system. It is positioned as a central clothing wholesale and retail district with the function of a national wholesale market. This Dongdaemun Fashion Town system creates services that customers demand through cooperation, partnership, or outsourcing between various suppliers and various resources (Nam, Kim, Yim, Lee, & Jo, 2009). Thus, Dongdaemun Fashion Town is a system space composed of subordinate markets with unique taste functions; here, a systematic network between the suppliers is significant. It produces value co-creation through collaboration with suppliers. However, few previous studies have investigated co-value created through co-production or co-innovation from Dongdaemun Fashion Town. Also, the shift from product-centered thinking to the customer-centered thinking implies the need for an accompanying shift to the customer-based strategy. It also refers the necessity of strategy to improve customer equity (Rust, Lemon, & Zeithaml, 2004). Therefore, further study is needed on co-creation research to make cyclical growth of traditional market and customer equity. The structure of this study is as follows. First, the characteristics of the Dongdaemun Fashion Town’s co-production, co-innovation, and value co-creation are investigated and each of the subordinate aspects is investigated. Second, the influence of co-production, co-innovation, and value co-creation on customer equity driver is analyzed. Third, the moderating effects on the types of suppliers’ (wholesale/retail) influence relationship are analyzed. In total, 300 samples by wholesalers and retailers were collected for the final analysis. Data analysis was performed used SPSS 21.0 for exploratory factor analyses, reliability analysis, and descriptive statistics. Based on the results, AMOS 18.0 was used for confirmatory factor analysis and multiple group analysis. The results of this study provide an insight into the influence of Dongdaemun Fashion Town’s co-production, co-innovation, and value co-creation on customer equity by wholesalers and retailers. The study concludes with outlining future directions of research that can be used in the development of marketing strategies.